The U.S. Energy Information Administration (EIA) reports that average gasoline prices this Thanksgiving held steady at $3.06 per gallon, just two cents higher than last year. Adjusted for inflation, this is the lowest holiday price since 2020.

EIA’s latest data also highlights US associated natural gas production increased 6% in 2024. Associated production in the Permian region in oil-rich western Texas and southeastern New Mexico accounted for most of the growth in 2024.

Data updates:

• Petroleum Data: EIA projects crude oil prices will decline through late 2025, averaging about $55 per barrel in 2026. This downward trend is driven by rising global oil inventories as production growth outpaces demand for petroleum fuels.

• Natural Gas: Natural gas prices remain elevated, supported by strong winter demand and LNG exports. The EIA’s latest Short-Term Energy Outlook forecasts Henry Hub spot prices to average $3.90/MMBtu over the winter season and expects prices to average $4.00/MMBtu in 2026.

Explore more energy trends and forecasts at EIA.gov.